Rise of The Global Capitol

In the 1920s and 30s major cities lost a great deal of importance due to the inventions of the automobile and truck. The existence of these machines made it possible for people to travel more quickly and cheaply between two points, reducing the need for concentrated populations in the cities and allowing for lower density zones to achieve similar levels of prosperity. Throughout the 20th century, a mass exodus began in all American cities as their population and manufacturing jobs moved out to distant suburban or rural areas. New York City was able to avoid severe depopulation, especially with the inclusion of the other boroughs, but the loss of manufacturing jobs was permanent. (Glaeser)
In order to provide employment for its millions of citizens, New York City’s economy reinvented itself during this time to become more service oriented rather than manufacturing centric. At this time, the iconic associations of Wall Street and corporate finance became synonymous with the city’s growing skyline. Securities and commodity contracts, banking, and business management all became the largest employers in the city during the 20th century and launched New York to being the financial capital of the world for reasons embedded in its history. (Glaeser)

its final economic boon, its people

Ever since New York City became an international port, it was natural that most major business activities would be centralized there. To receive the best information the fastest, one would have to be in the Big Apple in order to learn and profit from it. Overtime, the city’s population naturally grew into the megalopolis it is today, giving it its final economic boon, its people. Major business deals are primarily done face to face, and no technology in the 1900s challenged this fact. With most of the world’s business having some connection to New York City, it was natural that it would centralize business services and clerical activities once manufacturing had become obsolete. With major business decisions being made on its streets every day, the city still holds its appeal as an information center necessary for one to get ahead in global business. This situation became more encroached with the development of communications technology. (Glaeser)
Waking in the modern day, New York City still holds its title as a financial and information capital of the world, but once again this is being challenged due to new technological advancements. Communications technology and artificial intelligence continue to improve, allowing people to communicate seamlessly across the planet, and automating many processes originally deemed too complicated for machines. (Moore) Even the services industry is being shrunken by these changes and it is becoming more feasible to move away from population centers.
In face of these changes, New York has experienced large expansions in its health care and education sectors while the now traditional commerce and banking jobs slowly dwindle. (Ehrenhalt) The future of the city is unknown, as there appear to be no more geographic or natural resources left to exploit. Unless a major change is brought about in the city, it is very likely that it will finally slow its expansion as more people and jobs move away from its renowned districts. The glass towers of Wall Street may be the final addition to the epic history of this once all powerful city.